£105m market cap
73.45p last close
Epwin supplies functional low-maintenance exterior building products (including windows, doors, roofline and rainwater goods) into a number of UK market segments and is a modest exporter.
Investment summary
Consistent messaging from the Epwin management team continued with a year-end update that confirmed that FY18 trading had been in line with market expectations. The theme of self-help given market headwinds is ongoing with tangible evidence of actions taken and planned. Market backdrop uncertainty is reflected in Epwin’s rating multiples. A dividend yield approaching 7% (c 1.9x covered) should be of interest to investors.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2016A | 293.2 | 33.3 | 24.3 | 14.7 | 5.0 | 3.4 |
2017A | 298.3 | 30.3 | 20.5 | 12.4 | 5.9 | 5.3 |
2018E | 292.2 | 27.2 | 17.0 | 9.7 | 7.6 | 4.7 |
2019E | 295.8 | 28.2 | 17.9 | 10.2 | 7.2 | 3.9 |
Last updated on 18/02/2019 |
Industry outlook
Epwin is exposed to both RMI (c 70% revenue) and newbuild (c 30%) in the UK housing market. Newbuild activity is clearly still growing, while RMI demand has been more patchy. Referencing potential post Brexit consumer confidence, industry commentators have expressed near-term caution.
Last updated on 18/02/2019
Sector |
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Industrials |
Share price graph
Balance sheet |
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Forecast net debt (£m) | 25.1 |
Forecast gearing ratio (%) | 27 |
Price performance
% |
1m |
3m |
12m |
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*% relative to local index |
Key management |
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Jon Bednall | CEO |
Chris Empson | FD |
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